{"law_id":"786878","section_number":"38.2-1220","catch_line":"Attorney to file bond","history":"1952, c. 317, \u00a7 38.1-710; 1986, c. 562; 2001, c. 706.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-1220\/","refers_to":[{"id":"780390","section_number":"38.2-1219","catch_line":"Organization of reciprocals; what declaration to contain","url":"\/38.2-1219\/"}],"url":"\/38.2-1220\/","token":"38.2\/12\/2\/38.2-1220","structure":{"1":{"id":"2511","name":"Domestic Reciprocals","identifier":"2","label":"article","url":"\/38.2\/12\/2\/"},"2":{"id":"1384","name":"Reciprocal Insurance","identifier":"12","label":"chapter","url":"\/38.2\/12\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"referred_to_by":[{"id":"774251","section_number":"38.2-1216","catch_line":"Clerk of Commission to be appointed agent for service of process; procedure thereafter","url":"\/38.2-1216\/"},{"id":"786878","section_number":"38.2-1220","catch_line":"Attorney to file bond","url":"\/38.2-1220\/"},{"id":"790748","section_number":"38.2-1223","catch_line":"Subscriber's agreement and power of attorney","url":"\/38.2-1223\/"}],"edition_id":"11","section_id":"786878","structure_id":"2511","full_text":"A Concurrent with the filing of the declaration provided for in \u00a7 38.2-1219, the attorney of a domestic reciprocal shall certify to the Commission, and thereafter for each year in which the reciprocal is licensed under this chapter shall keep in force, a bond payable to this Commonwealth that complies with the requirements of this chapter.\r\rB The bond shall be in an amount established at the discretion of the Commission, which shall be at least $ 50,000. The bond shall be on the condition that the attorney will faithfully account for all moneys and other property of the reciprocal coming into the attorney’s control and that the attorney will not withdraw or appropriate for his own use from the funds of the reciprocal any moneys or property to which he is not entitled under the power of attorney.\r\rC The bond shall provide that it is not subject to cancellation unless thirty days’ written notice of intent to cancel is given to both the attorney and the Commission.\r\rD The bond shall be executed by the attorney and by a fidelity insurer licensed in this Commonwealth and shall be subject to the approval of the Commission.\r\r","text":{"0":{"id":"2538538","text":"Concurrent with the filing of the declaration provided for in \u00a7 38.2-1219, the attorney of a domestic reciprocal shall certify to the Commission, and thereafter for each year in which the reciprocal is licensed under this chapter shall keep in force, a bond payable to this Commonwealth that complies with the requirements of this chapter.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2538539","text":"The bond shall be in an amount established at the discretion of the Commission, which shall be at least $ 50,000. The bond shall be on the condition that the attorney will faithfully account for all moneys and other property of the reciprocal coming into the attorney’s control and that the attorney will not withdraw or appropriate for his own use from the funds of the reciprocal any moneys or property to which he is not entitled under the power of attorney.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1},"2":{"id":"2538540","text":"The bond shall provide that it is not subject to cancellation unless thirty days’ written notice of intent to cancel is given to both the attorney and the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1},"3":{"id":"2538541","text":"The bond shall be executed by the attorney and by a fidelity insurer licensed in this Commonwealth and shall be subject to the approval of the Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1}},"ancestry":{"1":{"id":"2511","name":"Domestic Reciprocals","identifier":"2","label":"article","url":"\/38.2\/12\/2\/"},"2":{"id":"1384","name":"Reciprocal Insurance","identifier":"12","label":"chapter","url":"\/38.2\/12\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"structure_contents":{"0":{"id":"780390","structure_id":"2511","section_number":"38.2-1219","catch_line":"Organization of reciprocals; what declaration to contain","url":"\/38.2-1219\/","token":"38.2\/12\/2\/38.2-1219"},"1":{"id":"786878","structure_id":"2511","section_number":"38.2-1220","catch_line":"Attorney to file bond","url":"\/38.2-1220\/","token":"38.2\/12\/2\/38.2-1220"},"2":{"id":"788527","structure_id":"2511","section_number":"38.2-1221","catch_line":"Deposit instead of bond","url":"\/38.2-1221\/","token":"38.2\/12\/2\/38.2-1221"},"3":{"id":"769325","structure_id":"2511","section_number":"38.2-1222","catch_line":"Subscribers' advisory committee","url":"\/38.2-1222\/","token":"38.2\/12\/2\/38.2-1222"},"4":{"id":"790748","structure_id":"2511","section_number":"38.2-1223","catch_line":"Subscriber's agreement and power of attorney","url":"\/38.2-1223\/","token":"38.2\/12\/2\/38.2-1223"},"5":{"id":"773934","structure_id":"2511","section_number":"38.2-1224","catch_line":"Modification of power of attorney and subscriber's agreement","url":"\/38.2-1224\/","token":"38.2\/12\/2\/38.2-1224"},"6":{"id":"795926","structure_id":"2511","section_number":"38.2-1225","catch_line":"Contributions","url":"\/38.2-1225\/","token":"38.2\/12\/2\/38.2-1225"},"7":{"id":"783155","structure_id":"2511","section_number":"38.2-1226","catch_line":"Assessments","url":"\/38.2-1226\/","token":"38.2\/12\/2\/38.2-1226"},"8":{"id":"791470","structure_id":"2511","section_number":"38.2-1227","catch_line":"Time limit for assessment","url":"\/38.2-1227\/","token":"38.2\/12\/2\/38.2-1227"},"9":{"id":"772357","structure_id":"2511","section_number":"38.2-1228","catch_line":"Subscribers' share in assets","url":"\/38.2-1228\/","token":"38.2\/12\/2\/38.2-1228"},"10":{"id":"783308","structure_id":"2511","section_number":"38.2-1229","catch_line":"Impaired reciprocals","url":"\/38.2-1229\/","token":"38.2\/12\/2\/38.2-1229"},"11":{"id":"772547","structure_id":"2511","section_number":"38.2-1230","catch_line":"Material transactions","url":"\/38.2-1230\/","token":"38.2\/12\/2\/38.2-1230"},"12":{"id":"789218","structure_id":"2511","section_number":"38.2-1231","catch_line":"Attorney's financial statement","url":"\/38.2-1231\/","token":"38.2\/12\/2\/38.2-1231"}},"previous_section":{"id":"780390","structure_id":"2511","section_number":"38.2-1219","catch_line":"Organization of reciprocals; what declaration to contain","url":"\/38.2-1219\/","token":"38.2\/12\/2\/38.2-1219"},"next_section":{"id":"788527","structure_id":"2511","section_number":"38.2-1221","catch_line":"Deposit instead of bond","url":"\/38.2-1221\/","token":"38.2\/12\/2\/38.2-1221"},"references":[{"id":"788527","section_number":"38.2-1221","catch_line":"Deposit instead of bond","url":"\/38.2-1221\/"}],"formats":{"txt":"\/38.2-1220.txt","json":"\/38.2-1220.json","xml":"\/38.2-1220.xml"},"dublin_core":{"Title":"Attorney to file bond","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1220","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nATTORNEY TO FILE BOND (\u00a7 38.2-1220)\n\nA. Concurrent with the filing of the declaration provided for in \u00a7 38.2-1219,\nthe attorney of a domestic reciprocal shall certify to the Commission, and\nthereafter for each year in which the reciprocal is licensed under this chapter\nshall keep in force, a bond payable to this Commonwealth that complies with the\nrequirements of this chapter.\n\nB. The bond shall be in an amount established at the discretion of the\nCommission, which shall be at least $ 50,000. The bond shall be on the condition\nthat the attorney will faithfully account for all moneys and other property of\nthe reciprocal coming into the attorney’s control and that the attorney\nwill not withdraw or appropriate for his own use from the funds of the\nreciprocal any moneys or property to which he is not entitled under the power of\nattorney.\n\nC. The bond shall provide that it is not subject to cancellation unless thirty\ndays’ written notice of intent to cancel is given to both the attorney and\nthe Commission.\n\nD. The bond shall be executed by the attorney and by a fidelity insurer licensed\nin this Commonwealth and shall be subject to the approval of the Commission.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-710; 1986, c. 562; 2001, c. 706."}